ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
What specific tax issues do dentists face that general accountants might miss?
Dentists often have mixed income from NHS and private work, which affects VAT treatment. Also, associates are classed as self-employed for tax purposes, but this status is under HMRC scrutiny. A specialist accountant understands these nuances, including allowable expenses like lab fees, professional indemnity, and course costs, ensuring you claim everything you are entitled to.
How can an accountant help with a dental practice purchase or sale?
An accountant experienced in the dental sector can assist with practice valuations, due diligence, and structuring the deal tax-efficiently. They analyse financial records to ensure you pay a fair price and help negotiate terms. On sale, they advise on capital gains tax reliefs and how to structure the transaction to minimise tax liabilities, ensuring a smooth transition.
Are there any particular VAT rules that apply to dental services?
Yes, dental services are generally VAT-exempt, but certain private treatments, such as cosmetic procedures, may be subject to VAT. Also, supplies like toothbrushes or over-the-counter products are taxable. A specialist accountant can guide you on the correct VAT treatment, help with partial exemption calculations, and ensure your VAT returns are accurate to avoid penalties from HMRC.
What are the benefits of hiring an accountant who is ACCA or ICAEW accredited?
ACCA and ICAEW accredited accountants have undergone rigorous training and adhere to high ethical and professional standards. They are required to maintain continuing professional development, ensuring they stay current with tax law changes. This accreditation provides assurance that you are receiving expert advice, and they are regulated by professional bodies, offering you recourse if something goes wrong.
How often should I meet with my accountant to ensure my practice finances are on track?
It is advisable to meet at least quarterly to review cash flow, tax planning, and any changes in legislation. Regular meetings allow your accountant to provide proactive advice, such as adjusting your tax payments or restructuring your business. During the year, they can also help you prepare for your Self Assessment or Corporation Tax return, ensuring no last-minute surprises.
Can an accountant help me with HMRC investigations or tax disputes?
Yes, a specialist accountant can represent you during an HMRC investigation, handling all correspondence and negotiating on your behalf. They will review your records, identify any errors, and work to minimise penalties and interest. Having an expert who understands dental practice finances is crucial in these situations, as they can provide the necessary evidence and arguments to resolve the dispute favourably.
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